In 2023, the global vegan food market reached a valuation of USD 33.14 billion. It is projected to increase from USD 37.37 billion in 2024 to USD 103.00 billion by 2032, registering a robust compound annual growth rate (CAGR) of 13.51% during the forecast period. The Asia Pacific region led the market in 2023, capturing a 42.58% share. Meanwhile, the U.S. market is set for significant expansion, expected to reach USD 26.90 billion by 2032, spurred by growing awareness around veganism and the widespread shift toward plant-based diets.

The surging demand for plant-based meat and dairy alternatives is expected to drive further growth. Vegan diets, which naturally exclude high-calorie and processed carbohydrates, support weight control and overall well-being. Rich in fiber, antioxidants, and vital nutrients such as vitamins A, C, and E, plant-based diets are associated with numerous health benefits. Individuals following vegan or vegetarian lifestyles often consume more fruits, legumes, and vitamin C-rich foods, which may help lower cancer risk. Additionally, plant-based eating habits promote better digestion and nutrient intake, prompting a growing number of consumers to adopt vegan diets.

Information Source: https://www.fortunebusinessinsights.com/vegan-food-market-106421

Market Segmentation

Almond-Based Products to Lead Due to Nutrient Density

By source, the market is segmented into almonds, soy, oats, and others. The almond segment is expected to dominate, driven by increased consumer awareness of its rich nutritional content.

Supermarkets and Hypermarkets to Remain the Preferred Distribution Channel

In terms of distribution, the market includes supermarkets/hypermarkets, convenience stores, online platforms, and others. Supermarkets and hypermarkets are anticipated to hold the largest share, thanks to their widespread availability and comprehensive product offerings.

Regional Analysis

The vegan food market is assessed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Key Report Highlights

This report delivers a comprehensive analysis of major segments and emerging industry trends. It explores key drivers, market challenges, and the lasting impacts of COVID-19. The study also covers strategic regional developments and competitive moves by leading companies.

Market Drivers and Challenges

Flavor Expansion and Innovation Driving Market Momentum

The growing appeal of vegan yogurt products—crafted from ingredients like almonds, oats, coconuts, and soy—is being propelled by rising vegan populations and increasing cases of lactose intolerance. The introduction of unique and appealing flavors is further stimulating demand. For example, in October 2020, Soyarich Foods unveiled “Yofu,” a plant-based yogurt featuring real fruit pulp in flavors like apple cinnamon, cherry, and mango. Free from preservatives and artificial coloring, this product has contributed positively to market growth.

Despite the positive outlook, the market faces hurdles including high production costs and inefficiencies in manufacturing processes, which may limit rapid scalability.

Regional Overview

Asia Pacific to Sustain Leadership, Driven by Demographics and Health Trends